A venture capitalist who was arrested in October 2013 on charges of gathering crowds to disturb public order, has been posted on bail pending trial on Wednesday, announced a Beijing court.

Wang Gongquan, 52, a high-profile venture capitalist, obtained a guarantor pending trial after he admitted that he had planned and incited crowds for gatherings that disturbed public order, and was "deeply regretful" about his criminal conduct, the Beijing No.1 Intermediate People's Court posted on its officials Sina Weibo account Wednesday.

Wang, who has been detained in the Beijing No.3 Detention Center since September last year, was going through the release procedures as of press time, Chen Youxi, Wang's former lawyer, told the Global Times, citing Wang's family members as a source.

Wang "voluntarily" rescinded his contract with Chen in December after they had met several times, according to Chen's earlier Weibo post, but the identity of the new attorney is unclear.

Chinese media have combed through Wang's recent activities, including publicly advocating equal education rights for migrant workers' children, as well as disclosure of officials' assets.

Wang was founder of CDH Investment and had over 230,000 followers on his Sina Weibo, before it was revoked. He entered the spotlight after posting online that he would elope with a businesswoman in 2011. Later he announced that he had gone back to his wife.

An earlier story by Southern People Weekly magazine said Wang claimed to have been promoting the construction of civil society in the country. 

Wang also admitted that he planned the inciting activities together with Xu Zhiyong, a well-known human rights lawyer and co-founder of the Open Constitution Initiative, or Gongmeng, a non-profit legal aid organization, according to the court.

Xu stood trial at the same court on Wednesday in Beijing.

"It is good that he can get out of jail now, and in my view, it is likely that he won't be prosecuted," said Chen.